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Housing Financialization in the Global South: In Search of a Comparative Framework

Author

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  • Rodrigo Fernandez
  • Manuel B. Aalbers

Abstract

The financialization of housing in the Global South (GS) and peripheries of the Global North (GN) develops in different ways than in the GN because the mechanisms underlying and pushing financialization are fundamentally different. We argue that subordinated financialization in the GS is the contemporary form of uneven and combined development, shaped by the financialization of the GN. The recycling of GN excess liquidity in countries lower in the global money hierarchy has contributed to the growth of mortgage lending in the GS and peripheries of GN. With the macrocomparative perspective in our article we provide a framework to rethink the relations between GN and GS in shaping distinct patterns of uneven and combined financialization, but also to rethink the varieties of capitalism and residential capitalism approaches. In the GS we can distinguish between at least two additional types: state-led market economies and less-financialized market economies.

Suggested Citation

  • Rodrigo Fernandez & Manuel B. Aalbers, 2020. "Housing Financialization in the Global South: In Search of a Comparative Framework," Housing Policy Debate, Taylor & Francis Journals, vol. 30(4), pages 680-701, July.
    • Handle: RePEc:taf:houspd:v:30:y:2020:i:4:p:680-701
    DOI: 10.1080/10511482.2019.1681491
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    Cited by:

    1. Alami, Ilias & Alves, Carolina & Bonizzi, Bruno & Kaltenbrunner, Annina & Kodddenbrock, Kai & Kvangraven, Ingrid & Powell, Jeff, 2021. "International financial subordination: a critical research agenda [working paper]," Greenwich Papers in Political Economy 33233, University of Greenwich, Greenwich Political Economy Research Centre.
    2. Chen, Jie & Wu, Fulong & Lu, Tingting, 2022. "The financialization of rental housing in China: A case study of the asset-light financing model of long-term apartment rental," Land Use Policy, Elsevier, vol. 112(C).
    3. Yun Li & Ming Xu & Juncheng Dai & Zhenshan Yang & Zhe Cheng, 2023. "Examining the Impact of Infrastructure Financialization on Uneven Regional Development: Evidence from China," Land, MDPI, vol. 12(3), pages 1-12, March.
    4. Alejandra Reyes & Patricia Basile, 2022. "The Distinctive Evolution Of Housing Financialization In Brazil And Mexico," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 46(6), pages 933-953, November.
    5. Michael Goldman & Devika Narayan, 2021. "Through the Optics of Finance: Speculative Urbanism and the Transformation of Markets," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 209-231, March.
    6. S. G. Sternik & N. B. Safronova, 2021. "Financialization of Real Estate Markets as a Macroeconomic Trend of the Digital Economy," Studies on Russian Economic Development, Springer, vol. 32(6), pages 676-682, November.
    7. Jungmann, Benjamin, 2021. "Growth drivers in emerging capitalist economies before and after the Global Financial Crisis," IPE Working Papers 172/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    8. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.
    9. Hung Dao Vo, 2023. "Diasporic capital and the financialisation of housing in Ho Chi Minh City," Urban Studies, Urban Studies Journal Limited, vol. 60(13), pages 2669-2685, October.
    10. Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2023. "State de-financialisation through incorporating local government bonds in the budgetary process in China," Journal of Economic Geography, Oxford University Press, vol. 23(5), pages 1169-1190.
    11. Gertjan Wijburg, 2023. "Commodifying Havana? Private accumulation, assetisation and marketisation in the Cuban metropolis," Urban Studies, Urban Studies Journal Limited, vol. 60(16), pages 3216-3232, December.
    12. Martin Sokol & Leonardo Pataccini, 2022. "Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy? [The financialization of home and the mortgage market crisis]," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 15(1), pages 75-92.
    13. Salleh, Alia, 2023. "Does the culture of property normalise eviction and demolition? The case of Kampung Sungai Baru, Kuala Lumpur," LSE Research Online Documents on Economics 118023, London School of Economics and Political Science, LSE Library.
    14. James Christopher Mizes, 2023. "ANTI‐PUBLIC FINANCE? The Democratic Effects of Municipal Bond Markets," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 47(6), pages 917-939, November.
    15. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.
    16. Costas Lapavitsas & Aylin Soydan, 2020. "Financialisation in developing countries: Approaches, concepts, and metrics," Working Papers 240, Department of Economics, SOAS University of London, UK.
    17. Giorgos Galanis & Giorgos Gouzoulis, 2020. "Financialisation, working conditions and contagion dynamics in developing and emerging economies," Working Papers PKWP2018, Post Keynesian Economics Society (PKES).

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